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. The risk-free rate is 7% and the expected return on market portfolio is 16%. A firm considers a project with an estimated beta of

. The risk-free rate is 7% and the expected return on market portfolio is 16%. A firm considers a project with an estimated beta of 1.2. If the IRR of the project is 21%, what is the project alpha? (Note: Enter your answer as percentage rounded to two decimal places, e.g. 5.21%)

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